New York State Teachers Retirement System Increases Position in Cummins Inc. $CMI

New York State Teachers Retirement System increased its holdings in Cummins Inc. (NYSE:CMI) by 2.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 111,911 shares of the company’s stock after acquiring an additional 2,305 shares during the quarter. New York State Teachers Retirement System’s holdings in Cummins were worth $47,268,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of CMI. Osterweis Capital Management Inc. purchased a new position in shares of Cummins during the 2nd quarter valued at approximately $31,000. Salomon & Ludwin LLC raised its holdings in Cummins by 1,333.3% in the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after acquiring an additional 80 shares in the last quarter. Tripletail Wealth Management LLC acquired a new stake in Cummins in the third quarter valued at $39,000. CNB Bank acquired a new position in Cummins during the 2nd quarter worth $43,000. Finally, SJS Investment Consulting Inc. increased its position in shares of Cummins by 1,414.3% in the 3rd quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock worth $45,000 after purchasing an additional 99 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CMI. Citigroup increased their price target on shares of Cummins from $530.00 to $580.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Raymond James Financial upgraded Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price objective on the stock in a research note on Monday, December 22nd. Wells Fargo & Company assumed coverage on Cummins in a report on Thursday, November 13th. They issued an “overweight” rating and a $599.00 price target for the company. Argus raised their price objective on Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $492.75.

Cummins Trading Up 1.5%

NYSE:CMI opened at $552.52 on Monday. The firm has a market capitalization of $76.27 billion, a P/E ratio of 28.67, a P/E/G ratio of 1.93 and a beta of 1.12. The business has a 50 day simple moving average of $498.53 and a 200 day simple moving average of $429.10. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $554.15.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same period last year, the company earned $5.86 earnings per share. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. Equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Friday, November 21st were given a $2.00 dividend. The ex-dividend date was Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 1.4%. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Insiders Place Their Bets

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the sale, the chief financial officer owned 31,582 shares in the company, valued at approximately $14,864,384.12. This trade represents a 29.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the transaction, the chief executive officer owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This represents a 9.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 19,330 shares of company stock worth $9,135,364. Insiders own 0.41% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.